Get connected now

Your Retirement Income: How to Help Make It Last

March 12,
2018

First, the good news: We're living longer. According to a 2017 Society of Actuaries
study, expected longevity for men and women at age 65 has jumped more than 10% since
2000. Men now live to an average age of 86.6, and women to 88.8.

Now the bad news: We're living longer.

That means you'll need more money to cover basic retirement expenses – housing,
transportation, health care, taxes and the like. And that doesn't include the costs
of, say, hobbies and travel.

In fact, 69% of Baby Boomers don't believe or don't know if they have enough money
to live comfortably to age 85.1

Do you have enough for retirement?

There's no hard-and-fast rule for how much you will need. Some say you'll need
80% of your annual preretirement income to live comfortably. Others say $1 million
is the magic number.

All that said, there's one fact you can count on: You will need plenty of savings
on hand.

Why? Social Security likely won't cover all of your expenses. And with pension
plans quickly going extinct, you'll need to lock in other sources of income you can
count on – and that will last.

Make your retirement money last

Take time to explore your options. Again, there's no one-size-fits-all solution.
It's about you – and the values you want to live out in retirement.

Here are a few possibilities to consider:

Keep working, at least part time.

While not everyone has this option, it could be a valuable
way to stay engaged in activities you enjoy – and maintain a source of income
at the same time.

Plus, if you're at full retirement age, you're free
to earn as much as you want and still receive your full Social Security benefits.

Be smart about Social Security.

It's important to consider the best approach for you.
Yes, everyone is eligible to take it at age 62, but there are benefits to delaying.

According to Social Security.gov, for each year past
full retirement age (a number that depends on the year you were born) that you hold
off (up to age 70), you can receive 8% more income per month than you would if you
started withdrawing at age 62.

Pay down debt before you retire.

It's no secret that debt can put a dent in your retirement
plans. Think about this: Three in 10 middle-income boomers say that they devote more
than 40% of their monthly income to debt.1 And according to the Federal
Reserve, 41% of homeowners age 65 or older still had a mortgage on their primary residence
in 2016 (compared to 21% in 1989).2

Chances are you've heard of them. While there is a
range of different types, the core idea behind annuities is straightforward: You pay
a premium to an insurance provider. Later, the insurer pays you a set amount of money
each month3 – in some cases for the rest of your life.

Get started with your retirement strategy

Not sure where to start? They key is finding the right mix of tactics to provide
what you'll need, when you'll need it.

The best-designed strategies will balance your need to have accessible income both
in the short term and the long term. They'll also incorporate investment and tax considerations
that can maximize your monthly and yearly income.

Sound complicated? It can be. That's where a financial representative can offer
guidance. He or she can help you sort out the variety of options and weave them into
a retirement
strategy that works for your situation.

What's most important is that you start laying out that strategy – and perhaps
start working with a financial representative – as soon as possible.

Doing so will give you time to assess
how much money you need and how savings, investments, Social Security and other options
can work together to help provide the necessary income for your lifestyle.

Thrivent Financial and its respective associates and employees have general knowledge
of the Social Security tenets; however, they do not have the professional expertise
for a complete discussion of the details of your specific situation. For additional
information, contact your local Social Security Administration office.

THRIVENT FINANCIAL IS THE MARKETING NAME FOR THRIVENT FINANCIAL FOR LUTHERANS.
Insurance products issued or offered by Thrivent Financial for Lutherans, Appleton
WI. Not all products are available in all states. Thrivent Financial representatives
are licensed insurance agents/ producers of Thrivent.

Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Products issued by Thrivent Financial are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents/producers of Thrivent. Fee-based investment advisory services are available through qualified investment advisor representatives only.

Trust and investment management accounts and services offered by Thrivent Trust Company are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, nor guaranteed by Thrivent Trust Company or its affiliates, and are subject to investment risk, including possible loss of the principal amount invested.

Close

Leaving Thrivent Financial

Any data or personal information collected by websites other than Thrivent is not covered by Thrivent's privacy policy. We recommend you read the privacy policies of those sites as they may be different from Thrivent's policy.

Close

I would like a Thrivent Financial Representative to contact me

Protecting the privacy of your data is a responsibility we take seriously. View our Privacy Policy.

All fields are required

First Name:

Last Name:

Home Address:

City:

State:

ZIP Code:

How would you like us to contact you?

You must choose one

By Email:

Email:

Format: email@example.com

By Phone:

Phone:

Format: xxx-xxx-xxxx

How can we help you?

This is a solicitation for insurance. A Thrivent Financial representative may contact you. Thrivent Financial representatives are licensed insurance agents/producers.